Common use of No Material Adverse Change or Material Adverse Effect Clause in Contracts

No Material Adverse Change or Material Adverse Effect. Since December 31, 2002, there has been no material adverse change (or occurrence that is reasonably likely to have a material adverse change) in the business, operations, properties, assets or financial condition of the U.S. Borrower and the Subsidiaries, taken as a whole, it being understood that prior to the Closing Date, the assets and liabilities of the U.S. Borrower and the Subsidiaries constituted all the assets and liabilities of TRW Automotive Inc. and subsidiaries as reflected in the combined financial statements described in Section 3.05(a).

No Material Adverse Change or Material Adverse Effect. Since December 31, 20022001, there has been no material adverse change (or occurrence that is reasonably likely to have a material adverse change) in the business, operations, properties, assets or financial condition of the U.S. Borrower and the Subsidiaries, taken as a whole, it being understood that prior to the Closing Date, the assets and liabilities of the U.S. Borrower and the Subsidiaries constituted all the assets and liabilities of TRW Automotive Inc. and subsidiaries as reflected in the combined financial statements described in Section 3.05(a).

No Material Adverse Change or Material Adverse Effect. Since December 31, 2002, there has been no material adverse change (or occurrence that is reasonably likely to have a material adverse change) in the business, operations, properties, assets or financial condition of the U.S. Borrower and the Subsidiaries, taken as a whole, it being understood that prior to the Closing Date, the assets and liabilities of the U.S. Borrower and the Subsidiaries constituted all the assets and liabilities of TRW Automotive Inc. and subsidiaries as reflected in the combined financial statements described in Section 3.05(a)3.05.